This is a legacy page. Please click here to view the latest version.
Fri 16 Nov 2018, 09:21 GMT

Date set for Aegean final basis motions to be heard


US court to hear motions on December 4.


Image credit: Pixabay
The US court handling the bankruptcy case involving marine fuel and lubricants specialist Aegean Marine Petroleum Network Inc has confirmed that it will hear a number of motions on a final basis on December 4.

The list of motions for entry of interim and final orders has been provided below.

1. Cash Management Motion

Aegean seeks approval to operate its cash management system, maintain existing bank accounts and continue to perform intercompany transactions. The motion was previously approved on an interim basis.

2. Hedging Motion

Aegean aims to get the court's consent to continue pre-petition hedging practices, commence post-petition hedging practices, grant superpriority claims on account of the post-petition hedging obligations, pay pre-petition hedging obligations and grant related relief.

3. Insurance Motion

Aegean aims to get the court's permission to continue pre-petition insurance coverage and surety bonds; renew and enter into new insurance policies and surety bonds; and continue to pay brokerage fees.

4. Taxes Motion

Aegean seeks authorization to pay certain taxes and fees.

5. Wages Motion

At a previous hearing on November 8, Aegean was authorized, on an interim basis, to pay an amount not exceeding $4.75m to cover compensation and withholding obligations (including $3.75m in unpaid wages); benefits and entitlements; and other employee benefits;

6. Vendor Motion

Aegean was previously given the go-ahead, on a provisional basis, to pay foreign claims up to $3m; lien claims up to $4.3m; 503(b) claims up to $11.1m; and HSE and other claims in the ordinary course of business.

7. Creditor Matrix Motion

Aegean seeks authorization to file a consolidated list of its creditors - instead of filing separate mailing matrices and creditor lists for each debtor business, and also wants to file a consolidated list of its largest 30 unsecured creditors.

Additionally, the court noted that it could also hear the Utilities Motion either on December 4 or at a future date.

In the Utilities Motion, Aegean is seeking an order to approve its proposed assurance of payment for utility services; and it also aims to prohibit utility providers from altering, refusing, or discontinuing services.

Objections, if any, to the motions must be served on or before November 27.


Arctic Tern vessel. Wallenius Wilhelmsen takes delivery of first methanol-ready Shaper Class vessel  

The dual-fuel Arctic Tern will enter service on the Asia–Europe trade almost immediately.

Al Muraykh vessel. Hapag-Lloyd signs shore power agreement with Hamburg Port Authority  

Deal commits the carrier to using onshore power supply at all Hamburg terminals.

Dorthe Karin Bendtsen, KPI OceanConnect. KPI OceanConnect reports 21% rise in pre-tax earnings for 2025/26  

Marine fuel firm delivers 13 million tonnes and expands carbon markets capabilities amid geopolitical turbulence.

VTTI logo. VTTI Dalian completes first large-scale 'green methanol' vessel loading  

Cargo to be supplied as marine fuel in Shanghai.

Steff Tan, Oilmar. Oilmar appoints Steff Tan as marine fuels trader in Singapore  

New hire's background spans bunker operations, logistics, commercial trading, marketing, and business development.

Feng Da Hai vessel. Cosco Shipping adds methanol-ready bulk carrier Feng Da Hai to fleet  

The 64,000-tonne vessel is equipped with a methanol fuel system for future low-carbon operations.

Oilmar office in Dubai. Oilmar welcomes summer intern to Dubai branch  

Arpit Aryan will rotate across the bunker fuel trading, finance and operations departments.

Aerial view of the Dubai skyline. Oilmar takes on trading and finance intern in Dubai  

New intern to rotate across trading, operations and finance teams.

Seaspan and Maersk signing. Seaspan and Maersk deepen fleet efficiency collaboration with $75m upgrade programme  

Retrofit package for four 13,000-teu vessels includes installation of shaft generator to reduce auxiliary engine fuel consumption.

European Parliament building in Brussels. EU Parliament vote on soy biofuels could expose bloc to $5.6bn a year in trade sanctions  

MEPs reject regulation that would have phased out soy biofuels, risking WTO retaliation penalties.


↑  Back to Top